{"id":14643,"date":"2025-01-22T16:36:59","date_gmt":"2025-01-22T16:36:59","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14643"},"modified":"2025-01-29T16:38:20","modified_gmt":"2025-01-29T16:38:20","slug":"zimbabwe-invictus-energy-provides-operational-corporate-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-provides-operational-corporate-update\/","title":{"rendered":"ZIMBABWE: Invictus Energy Provides Operational & Corporate Update"},"content":{"rendered":"\n

OPERATIONAL UPDATE
Petroleum Production Sharing Agreement (PPSA)<\/strong>
During the quarter,Invictus reports that a final independent review of the Petroleum Production Sharing Agreement (PPSA) was completed by external European legal counsel, marking a significant milestone in the development of the Company\u2019s exploration and production activities.<\/p>\n\n\n\n

The PPSA is designed to ensure equitable sharing of value generated from the Cabora Bassa Project
between the Government, Invictus and its partners and will also provide a robust governing framework
for Zimbabwe\u2019s oil and gas sector.<\/p>\n\n\n\n

The Mutapa Investment Fund of Zimbabwe \u2013 which committed to underwriting US$5 million
of a $10 million capital raise in mid-2024 \u2013 has been assigned the beneficiary of the PPSA product\/profit
share and equity holder, on behalf of the Republic of Zimbabwe.<\/p>\n\n\n\n

Finalisation of the PPSA is in progress in preparation for execution.<\/p>\n\n\n\n

Farm out and strategic partner options progressing
<\/strong>During the quarter, Invictus continued discussions with a range of potential farm out and strategic
partners to provide funding and support for the Cabora Bassa Project and forward work programs.<\/p>\n\n\n\n

Exploration & Appraisal Program
<\/strong>In Q3 2024, eight new high potential prospects were defined in the eastern Cabora Bassa basin totalling
2.9 Tcf gas and 184 MMbbl condensate, highlighting significant upside potential for the Project.<\/p>\n\n\n\n

The Company says its next drilling campaign will focus on exploring the Musuma prospect to test the Dande play in eastern Cabora Bassa. This prospect has interpreted seismic amplitude support and is
estimated to have a recoverable prospective resource of more than 1 Tcf and 73 million barrels of
condensate.<\/p>\n\n\n\n

Further 3D seismic and appraisal drilling and well testing at the Mukuyu Gas Field is planned to
determine future development well locations and prepare for the early commercialisation pilot gas-topower project for the Eureka Gold Mine.<\/p>\n\n\n\n

Invictus says it continues to conduct further evaluation of the oil-prone Basin Margin play to select
additional prospects for future drilling.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

OPERATIONAL UPDATEPetroleum Production Sharing Agreement (PPSA)During the quarter,Invictus reports that a final independent review of the Petroleum Production Sharing Agreement (PPSA) was completed by external European legal counsel, marking a … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[9258,11749,7812,11656,11657,11748,2767],"class_list":["post-14643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-cabora-bassa-basin","tag-dande-play","tag-invictus-energy","tag-mukuyu-gas-field","tag-musuma-prospect","tag-mutapa-investment-fund","tag-zimbabwe","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Zimbabwe-Cabora-Bassa.png?fit=479%2C663&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Ob","jetpack-related-posts":[{"id":15136,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-receives-updated-draft-of-the-amalgamated-petroleum-production-sharing-agreement-ppsa\/","url_meta":{"origin":14643,"position":0},"title":"ZIMBABWE: Invictus Receives Updated Draft of the Amalgamated Petroleum Production Sharing Agreement (PPSA)","author":"","date":"July 2, 2025","format":false,"excerpt":"Invictus Energy has provided a positive update on the progress of the Petroleum Production Sharing Agreement (PPSA) for its 80%-owned and operated Cabora Bassa Project in Zimbabwe, along with the agreement to award of National Project Status \u2013 a key milestone in the Project\u2019s development journey.Following the Company\u2019s previous announcement\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Zimbabwe-Cabora-Bassa.png?fit=479%2C663&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15194,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-cabora-bassa-officially-granted-national-project-status-ppsa-terms-agreed\/","url_meta":{"origin":14643,"position":1},"title":"ZIMBABWE: Cabora Bassa officially granted National Project Status & PPSA terms agreed","author":"","date":"September 8, 2025","format":false,"excerpt":"Invictus Energy has had its flagship Cabora Bassa Project officially granted National Project Status (NPS) by the Zimbabwe Finance Minister Hon. Prof Mthuli Ncube and following a series of constructive meetings, the parties have finalised terms of the Petroleum Production Sharing Agreement (PPSA), which is now being prepared for execution.National\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Zimbabwe-Cabora-Bassa.png?fit=479%2C663&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12086,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energys-sg-4571-permit-increased-sevenfold\/","url_meta":{"origin":14643,"position":2},"title":"ZIMBABWE: Invictus Energy’s SG 4571 Permit Increased Sevenfold","author":"","date":"March 28, 2022","format":false,"excerpt":"Invictus\u2019 owned subsidiary Geo Associates (Pvt) Ltd and the Sovereign Wealth Fund of Zimbabwe (SWFZ) have executed a Heads of Agreement\u00a0 to increase Special Grant 4571 (SG 4571) licence area from 100,000 hectares to 709,300 hectares. Under the HoA the SG 4571 licence and application area will be amalgamated with\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14892,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-selects-musuma-1-high-impact-well-location-set-to-spud-in-h2-2025\/","url_meta":{"origin":14643,"position":3},"title":"ZIMBABWE: Invictus Energy Selects Musuma-1 High-impact Well Location Set to Spud in H2 2025","author":"","date":"April 15, 2025","format":false,"excerpt":"Invictus Energy has provided an update on the Musuma-1 well location following a highly productive in-country visit by the Invictus Energy Board of Directors. 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EPOs 1848\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12324,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-commences-rig-mobilization-to-cabora-bassa\/","url_meta":{"origin":14643,"position":5},"title":"ZIMBABWE: Invictus Energy Commences Rig Mobilization to Cabora Bassa","author":"","date":"June 8, 2022","format":false,"excerpt":"Invictus Energy has confirmed that following the completion of clearing procedures and documentation, the Exalo Rig 202 has commenced mobilization from Songo Songo Island in Tanzania to Cabora Bassa. 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